The Wong family bought a $190,000 home in 2001. They obtained a mortgage loan for 30 years. The monthly payment, not including property taxes and insurance, is $995. How much total principal and interest will they pay for the house after 30 years?
The combined total amount of principal and interest paid after 30 years for the house is $358,200.
A mortgage loan is a type of loan that is being secured by any fixed asset against which the individual can take the funds.
Given values:
Monthly payment: $995
Number of years: 30
Number of months in a year: 12
Computation of mortgage payment after 30 years:
\(\rm\ Mortgage \rm\ Payment=\rm\ Monthly \rm\ Payment \times\ \rm\Months \rm\ in \rm\ a \rm\ Year \times\ \rm\ Number \rm\ of \rm\ years\\\rm\ Mortgage \rm\ Payment=\$995 \times\ 12 \times\ 30\\\rm\ Mortgage \rm\ Payment=\$ 358,200\)
Therefore, the amount of $358,200 is the combined principal and interest paid after 30 years.
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